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Japanese mega-corporations Hitachi Ltd. (TSE: 6501, Hitachi) and the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) have announced that they have started proof of concept testing for using blockchain technology for digitalization of cheques in Singapore. They developed a system in which blockchain infrastructure is used for issuing, transferring and collecting electronic cheques.

The developers explain that the digitalization of cheques makes it possible to automate the workloads of intermediaries for checks in financial institutions, to avoid tampering and to speed up settling checks. In addition, it is expected that similar approaches can ... (read more)